Russialaunches China UnionPay credit card


Forget Visa and MasterCard. After the twoAmerican credit system payment companies froze accounts without notice inMarch, Russiahas been looking for an alternative in China UnionPay.


China UnionPay plans to have 2 millioncards in Russiain the next three years.


Instead of seeing the small Visa andMasterCard logo on credits cards, ATMs, and retail outlets, Russians will startto see the three words “China.Union. Pay.”


China UnionPay first emerged in 2002 on thedomestic Chinese market as an alternative to Visa and MasterCard, but quicklyexpanded internationally, and now is already number one in terms of quantity ofcards in the world.


Russia’sbiggest banks - VTB- Gazprombank, Promsvyazbank, Alfa Bank, MTS, and Rosbank-are already making technical preparations, running tests on Union Bank cards.


“VTB24 already serves China UnionPay cardsin its ATM network and now the bank is in negotiations with this payment systemto start acquiring retail merchants,” VTB24’s press office said in astatement.


Most banks just began their relationshipwith Chinaby offering clients corresponding services- none of the bankers imagined thatthey would be issuing Chinese credit cards.


In March, both Visa and MasterCard blocked the accounts of cardholders at BankRossiya andSMF Bank, both which were sanctioned by the USover Russia’s involvement inCrimea.


Russian financiers who used to keep theirassets in dollars and euros were shocked by the event, and moved their capitalback to Russia out of fearone day all their assets would be blocked by politicians in Washington DC.


jerebroome 18.08.2014 01:53 Russia is slowly but surely falling under China's sphere of influence. Russia alwayscries about the west while the east moves in for the kill.


McCain 18.08.2014 01:12 how hard it is to operate a currencywithout refferring to the dollar rate? how hard it is to simply doinginternational money transaction without even thinking about the dollar?



kempoylabanare 18.08.2014 06:52

I have a recommendation for anybody who wants one. Throw away your suit, cashin your chips, go to the website Gold Trading Academyand learn how to trade and then move to South East Asiaand live a life that you never dreamed you could live. That's what I am doingnow and very happy instead of being in fear all the time and stressed.


Claudia 17.08.2014 20:28 Carolyn 17.08.2014 20:14

Is UnionPay debt card available in the US?


That is not important, by now the trust in the USis to much damaged and the change to non US products is very fast made.Clients are gone, damage is made.


Carolyn 17.08.2014 20:14 That's very interesting that UnionPay hasissued the largest % of cards since 2010 but has such a low revenue compared tothe other card brands. I guess quality over quantity holds true here



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